WASHINGTON, DC, Oct. 05, 2022 (GLOBE NEWSWIRE) — The District of Columbia Housing Finance Agency (DCHFA) has funded the reconstruction of Ridgecrest Village Phase I in the Shipley Terrace neighborhood of Ward 8. The Agency issued $21.9 million in tax-exempt bonds and underwrote $16.83 million in DC and federal low-income housing tax credit (LIHTC) shares. Phase I of the project will consist of the conversion of 13 existing buildings on the site originally constructed in 1951.
“This transaction will not only ensure that residents of Ridgecrest Village receive much-needed updates to keep their homes, but affordable housing that was once naturally occurring will now be available to all. We will ensure a long-term transition to affordable housing to support income level residents,” said Christopher E. Donald, Executive Director/CEO, DCHFA. “Authorities hope to see more projects like this across the district in the future.”
The NHP Foundation has been the developer leading the original renovation at Ridgecrest Village since 1993. The scope of work included repairing exterior walls, replacing lighting fixtures, reshaping parking lots, installing security screens and windows, and building new sidewalks and ramps. In-unit amenities include vinyl floors, new kitchen cabinets and fixtures, coat closets, upgraded bathrooms, new blinds, ceiling fans, and energy efficient lighting.
The community consists of 4 1 bedrooms, 88 2 bedrooms and 48 3 bedrooms. 20 apartments will be reserved for residents earning less than 80% of the regional median income (AMI), 57 for residents with an AMI income up to 60%, and 35 with an AMI income of 50%. % reserved for residents, 28 units designated as permanent assisted housing. (PSH) For AMI residents whose income is 30% or less. 28 PSH apartments will receive Local Rent Supplement Program (LRSP) vouchers and tenant services through Community of Hope.
Residents have the opportunity to relocate on the premises as long as there are units available on the premises. The owner wants to move as many residents to the site as possible, but cannot guarantee that all residents will be able to move to the site. You may be required to relocate offsite and pay rent at the offsite location. If you choose to live away from relatives or family members who are not obligated to pay rent, you do not have to pay rent at that time.
Additional funding for this $48.9 million project will come in the form of a $16.13 million loan through the DC Housing and Community Development Authority’s Home Production Trust Fund. When complete, Ridgecrest Village will include a central laundry room, two playgrounds, meeting rooms, a fitness room, community kitchen facilities, a computer center and security patrols.
Through its Multifamily Lending, Neighborhood Investments and Capital Markets divisions, DCHFA issues tax-exempt mortgage income bonds to reduce the cost of acquiring, building and renovating rental homes for developers. The agency provides for-profit and non-profit private developers with low-cost predevelopment, construction, and permanent financing to support new construction, acquisition, and rehabilitation of affordable rental housing within the district. To do.
The District of Columbia Housing Finance Agency is an S&P A+ rated issuer and has been serving Washington, DC residents for over 40 years. The agency’s mission is to advance the housing priorities of the District of Columbia. The agency invests in affordable housing and neighborhood development, providing a pathway for DC residents to transform their lives. We fulfill our mission by providing the most efficient and effective source of capital available in the market to finance rental housing and create homeownership opportunities. The agency operates on a set of core values: Leadership * Excellence * Community Focus * Integrity * Collaboration * Innovation
*Previous versions of this release stated that some residents moved out of the property and did not have to pay rent. only, you do not have to pay rent during the moving period.